Company hopes to buy all 417 Rentals’ properties, Tenants Bounce Back

SPRINGFIELD — One company is looking to buy the rest of the properties, leaving tenants in limbo, but here’s an update on some of them.

Hundreds of homes, once managed by 417 Rentals in Springfield, will soon be in the hands of a new developer.

Over the past two days, Enterprise Commercial Groups purchased 24 properties, and they plan to buy the rest.

At the Greene County Courthouse, those properties have been auctioned off. This is leaving those tenants unsure of their futures.

We introduced you to Bridget Reed and Stephen Jackson after a 417 Rentals auction back on February 28.

That day, they were ready to spend every dollar they had to buy their 417 Rentals home, but it went to a bank.

Stephen Jackson and Bridget Reed saw the house they rented for 3 years from 417 Rentals go to Mid-Missouri Bank.

They say 417 Rentals didn’t help much with repairs, so the couple saw all the hard work they put into their home slip away that day.

“Well, we were sort of disappointed because we thought that we could get it for a low price, but when the bank jumped on it with a high price, it knocked us out the box,” says Jackson.

But after striking a deal with the bank, they were no longer renters. They’ll be able to call the house “home sweet home”, and they got a sweet deal too.

“We were able to buy the house. Starting next month, we’ll be home owners,” says Reed. “They’re only selling it back to us for about $3,000 more than they bought it for.”

The couple says that makes for nice looking mortgage that they’ll have paid off in just 5 years.

“It’s actually $60 cheaper than our rent was. So, with the money that we won’t be paying for rent that will be saved paying the mortgage, that’s what we’re going use to invest in the house,” Reed explains.

Theirs is just of hundreds of 417 Rental properties formerly owned by Chris Gatley, who’s failed attempt at filing for bankruptcy left his properties foreclosed, and more of them were auctioned off the last two days on the steps of the Greene County Courthouse.

Titus Williams, President of Enterprise Commercial Group, is looking to buy the more than 200 remaining properties. He told us, the goal is to help people out.

“(The goal is) to have some nice safe, secure places for these residents that are currently living in the properties. If the property isn’t in good shape, for us to rehab it and get it to a place that can be either sold or rented,” says Williams.

One person who finds themself in a similar situation Stephen and Bridget were in, is Courtney Smith and her husband. She would like to buy her home as well.

“We’ve just done a lot of work to the house already. We’d hate to just leave. Our kids are already settled there. I’m going to see if it is an option. I don’t have my hopes up really high, but at least find out whats going on and what we can expect if we have to move or that kind of thing,” says Smith.

Any tenants who want to know about their options can attend two events next weekend.